Business Finance
Econ opportunity cost

Question Description

I need help with a Economics question. All explanations and answers will be used to help me learn.

a.       How can the concept of opportunity cost explain why many college-aged movie stars and professional athletes do not go to college?

Student has agreed that all tutoring, explanations, and answers provided by the tutor will be used to help in the learning process and in accordance with Studypool's honor code & terms of service.

Final Answer

Opportunity cost refers to the idea that an individual undergoes an economic or financial loss by not taking part in an opportunity.

For movie stars and professional atheletes, these individuals can earn income from acting and playing sports. If they chose to go to college, they will forgo that income. Even if they go part time and still work, the idea is that the hours they spend in school could have been spent acting or playing sports. Therefore, by going to college, for any number of hours these individuals forgo income, and will therefore experience an opportunity cost.

Prashant S (1995)
University of Maryland

Top quality work from this tutor! I’ll be back!

Heard about Studypool for a while and finally tried it. Glad I did caus this was really helpful.

Thank you! Reasonably priced given the quality


Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors